help with getting gapproved for a car

scotcoub

So I had a credit card a car finance agreement and a loan from my bank between 4/5 years ago that I had missed payments on but which all got payed off in one lump sum to close all accounts around 3 to 4 yrs ago! I have been living with my partner now for the last 2 yrs although the house is in her name I pay all the bills and Mortgage from my account and live well within my limits and £500 overdraft! I checked my experian account and it says fair and a score of 818!!! We would like a new car and I don't want to turn up and be rejected for pcp. Will I pass with this credit score? It also says most lenders will look favourable but it says I have one negative as I don't have any closed accounts, any help would be very grateful

Cheers
Scott

chanz4

should be fine with pcp

scotcoub

I also have a fair report on Equifax and a score of 383 if that helps

scotcoub

My last defaulted payment was 31 months ago if that helps too

Cheers
Scott

modder25

scotcoub wrote: »

My last defaulted payment was 31 months ago if that helps too

Cheers
Scott

I'm in a similar situation except I have a CCJ that expires next week and m hoping to get a car soon after.

Really hope I'm not rejected.

I live well within my means and all other acounts are well looked after.

scotcoub

I'd hate to go in and be rejected I am just hoping my credit score and rating is okay I will be approved a pcp deal! I will also will be trading in my fianc!'s Fiat 500 towards it

modder25

scotcoub wrote: »

I'd hate to go in and be rejected I am just hoping my credit score and rating is okay I will be approved a pcp deal! I will also will be trading in my fianc!'s Fiat 500 towards it

I dont think it is your credit score you have to worry about, having been on here for a few months now I now know tat these are meaningless. We just have to make sure that our other accounts are managed correctly with no recent missed payments or defaults etc.

When are you applying?

MadProf

scotcoub wrote: »

I will also will be trading in my fianc!'s Fiat 500 towards it

Hopefully you won't be needing to drive it up any hills to get to the dealership!

scotcoub

Haha its an 2009 plate so doesn't suffer from the hill problems lol. I was looking to go in this wkend but not made up my mind might wait till next yr. So do you think it should be okay? ?

Tixy

The car finance provider will not see your credit score, what they can assess is the data on your actual credit report (the account payment history/whether you are on the electoral roll/current debts showing etc).

So in making their decision they will assess the information you provide on your application and the statutory information from your credit report. They cannot see things like the fact that you pay towards another person's mortgage.

Is the overdraft your only open credit account showing on your credit reports?

PCP is in general easier to get than a personal bank loan.

scotcoub

Yeah the overdraft is my only open credit account but am not in it at all. Thanks for that makes me feel a bit easier! But think am going to wait till the new year before changing car!!

Thanks
Scott